SEOUL, South Korea – KB Financial Group Inc. held its Q2 2024 Earnings Conference Call on July 23, 2024, at 3:00 AM local time. The call featured key company participants including Peter Kwon, Head of Investor Relations, Jae Kwan Kim, Chief Financial Officer & Senior Vice President, Choi Cheal Soo, Chief Risk Management Officer, and Nam Che Kang, Head of Global Division.
During the call, CFO Jae Kwan Kim shared the company’s first half major financial highlights, including a 7.5% decline in net profit year-over-year due to ELS compensation costs. However, the second quarter saw solid earnings growth, particularly from non-bank subsidiaries, leading to a net profit of KRW1,732.4 billion. KBFG continues its efforts to maintain stable earnings fundamentals and conservative provisioning stance for sustainable growth.
The company also discussed its shareholder return plan, highlighting a quarterly cash payout of KRW791 per share and buyback and cancellation amounting to KRW400 billion. With a focus on enhancing total shareholder return and shareholder value, KBFG aims to continue its progressive dividend policy within sustainable capital adequacy boundaries.
KBFG’s group net interest income for the first half of 2024 reached KRW6,357.7 billion, while net fee and commissions income increased by 2.4% year-over-year. The company emphasized its efforts to maintain robust fee income generation fundamentals and stable earnings capacity in the face of operational challenges and macroeconomic uncertainty.
In response to questions from various conference call participants, KBFG executives addressed topics such as NIM outlook, credit cost management, regulatory initiatives, and overseas business performance. The company remains committed to enhancing shareholder value through a balanced approach to shareholder return policy, capital management, and strategic decision-making.
As the call concluded, KB Financial Group expressed appreciation for the participation and engagement of investors and analysts, highlighting the importance of transparency, communication, and ongoing efforts to drive corporate and shareholder value enhancement. With a focus on maintaining industry-leading financial performance and sustainable growth, KBFG looks ahead to the second half of 2024 with a strategic and proactive mindset.
